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Central America law and legal tenders

Central America law and legal tenders

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Law is a system of rules created and enforced through social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate. The creation of laws themselves may be influenced by a constitution, written or tacit, and the rights encoded therein. The law shapes politics, economics, history and society in various ways and serves as a mediator of relations between people. Legal systems vary between countries, with their differences analysed in comparative law. In civil law jurisdictions, a legislature or other central body codifies and consolidates the law. Legality, in respect of an act, agreement, or contract is the state of being consistent with the law or of being lawful or unlawful in a given jurisdiction, and the construct of power.

Central America is a region of the Americas. It is bordered by Mexico to the north, Colombia to the south, the Caribbean Sea to the east, and the Pacific Ocean to the west. Central America is the southern portion of the continent of North America. It is also a part of the Mesoamerican biodiversity hotspot, which extends from northern Guatemala to central Panama. Due to the presence of several active geologic faults and the Central America Volcanic Arc, there is a great deal of seismic activity in the region. Guatemala has the largest economy in the region. Its main exports are coffee, sugar, bananas, petroleum, clothing, and cardamom. Of its 10. 29 billion dollar annual exports,40. 2% go to the United States, 11. 1% to neighboring El Salvador, 8% to Honduras, 5. 5% to Mexico, 4. 7% to Nicaragua, and 4. 3% to Costa Rica. The region is particularly attractive for companies (especially clothing companies) because of its geographical proximity to the United States, very low wages and considerable tax advantages. In addition, the decline in the prices of coffee and other export products and the structural adjustment measures promoted by the international financial institutions have partly ruined agriculture, favouring the emergence of maquiladoras. This sector accounts for 42 per cent of total exports from El Salvador, 55 per cent from Guatemala, and 65 per cent from Honduras. Countries in Central America are Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama.